IT shares gain; TCS, HCL Tech near 52-week high

IT shares gain; TCS, HCL Tech near 52-week high

Latest News – Shares of information technology (IT) companies were in focus with the Nifty IT and S&P BSE IT index gaining more than 2% in an otherwise range-bound market.

Tata Consultancy Services (TCS), Infosys, HCL Technologies, Tata Elxsi, Hexaware Technologies and Tech Mahindra were up in the range of 2% to 6%.

At 09:59 am; Nifty IT (10,895) and S&P BSE IT index (10,510) were up 2.2%, as compared to a marginal 0.08% decline in the benchmark indices.

In the past one month, the IT indices have outperformed the market by gaining 8% against 5% rise in the S&P BSE Sensex and 4.2% gain in Nifty 50 index.

TCS has rallied 4% to Rs 2,707 on the BSE in intra-day trade, quoting close to its 52-week high of Rs 2,740 touched on August 12, 2016. HCL Technologies was also up 3.3% at Rs 887, trading closer to its 52-week high of Rs 890 hit on March this year.

TCS’ buyback offer of about 56 million equity shares, which ended on May 31, received an overwhelming response. The offer was subscribed by 221% or 124 million shares. The company had fixed the buyback at price of Rs 2,850 a share.

HCL Tech buyback offer will (Read More)

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